Eiffage Sa · EURONEXT:FGR
Eiffage Sa — H1 2024 Earnings Presentation
56 slides from Eiffage Sa's earnings presentation, Aug 28, 2024
Slide 1: Half-year results 2024
Half-year results 202428th August 2024 1
Slide 2: Highlights
Highlights Benoît de Ruffray Chairman and Chief Executive Officer 2
Slide 3: Highlights - Group
Highlights - Group Growth of 6.3% of the Group activity New increase in Contracting order book to €28.4 billion (+43% year-on-year and +9% over 6 months) ▪ ▪ Strong medium and long term visibility reinforced over Strong result affected by the new tax on transport the period across all divisions infr
Slide 4: Highlights - Contracting
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Contracting Main diesel backup generators Industrial renovation of the rail 4 electrical substations - Belgium Rhin-Main-Link - Germany for the 6 EPR2 reactors network Sternbruecke railway bridge - Tertiary property complex Ministry Hamburg - Germany Sol
Slide 5: Highlights - Contracting
Highlights Contracting Activity Order intake Increased profitability ▪ ▪ ▪ Multi year visibility strengthened ▪ ▪ Diesel backup generators for the 6 EPR2 reactors ▪ 4 electrical substations on the future Princess Elisabeth energy island off the coast of Belgium ▪ ▪ Civil engineering for the future R
Slide 6: Highlights - Concessions
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Concessions Ramp-up of the A79 motorway A4 8 0 m o t o rw a y - G re n o b l e Ai r p o r t t ra f f i c u p s l i g h t l y H yp o r t s t a t i o n - T o u l o u s e a i r p o r t (Aliaé) Decathlon Arena Stade Pierre Course Eiffage du Viaduc de Nové -
Slide 7: Highlights - Concessions
Highlights Concessions Activity Strengthening of the portfolio ▪ ▪ Increasing activity ▪ ▪ ▪ Portfolio strengthening ▪ Profitability ▪ ▪ 7
Slide 8: Carbon climate issues
Carbon climate issues SBTi validation Integration of value chain ▪ ▪ ▪ ▪ ▪ Publishing the 5th climate report 2030: greenhouse gas emissions ▪ ▪ Ongoing deployment of the Biodiversity action plan 2023-2025 2050: committed to achieving Net-Zero emissions over value chain by 2050 8
Slide 9: Eiffage - 1st semester 2024
Eiffage - 1st semester 2024 Revenue €M +6.3% Operating profit €M -12 Net profit group share €M -10 11,093 925 1,009 997 10,431 392 382 9,452 679 354 8,700 260 6,918 262 -8 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 Free cas
Slide 10: Prospects for 2024
Prospects for 2024 Increased activities in Contracting and Concessions Organic growth in Contracting at a slower pace than in 2023 Contracting results improving again Concessions results impacted by new tax on transport infrastructure Net profit Group share of the same order as in 2023 Outlook 2024
Slide 11: Results by business line and financial results
Results by business line and financial results Christian Cassayre Chief Financial Officer 11
Slide 12: Group revenue (excluding Ifric 12)
Group revenue (excluding Ifric 12) Breakdown Contracting and Concessions (€M) Breakdown by geographical area (€M) 11,093 +6.3% +3.0% 11,093 +6.3% 10,431 10,431 358 +23.4% 1,855 +5.6% +3.5% 9,452 290 9,452 8,700 1,756 8,700 366 +18.2% 3,305 +17.7% 1,593 399 2,808 1,313 2,295 6,918 6,918 1,885 357 1,1
Slide 13: Contracting revenue (excluding Ifric 12)
Contracting revenue (excluding Ifric 12) Breakdown by division (€M) Breakdown by geographical area (€M) and % of total (5 %) 9,238 +6.5% 9,238 +6.5% +2.9% 8,675 8,675 325 (3%) +26.5% 257 (3%) 7,859 7,859 1,929 -12.4% -12.5% 7,387 7,387 (6%) 334 (4%) +18.4% 2,201 371 (5%) 3,305 +17.7% 2,808 (36%) 2,0
Slide 14: Operating profit on ordinary activities and margins
Operating profit on ordinary activities and margins H1 2023 H1 2024 M€ % CA M€ % CA Δ 24/23 (€M) Construction 75 3.4% 66 3.4% (9) Infrastructure (20) -0.5% (12) -0.3% +8 Energy Systems 123 4.3% 153 4.6% +30 Contracting 178 2.1% 207 2.2% +29 Concessions 847 48.2% 822 44.3% (25) Holding (16) (32) (16)
Slide 15: Construction - Activity and results
Construction - Activity and results Stability of the operating margin at 3.4% of revenue Revenue (€bn) and operating margin on ordinary activities (%) Revenue decreased by 12.4% 2.2 2.0 2.1 1.9 FRANCE EUROPE (excluding France) 3.4% 3.4% 3.4% 3.4% 1.5 Results -2.1% ▪ H1 2020 H1 2021 H1 2022 H1 2023 H
Slide 16: Family spirit
CONSTRUCTION Family spirit 16
Slide 17: Infrastructure - Activity and results
Infrastructure - Activity and results Operating margin increased by 20 bps Revenue (€bn) and operating margin on ordinary activities (%) Revenue increased by 9.2% 4.0 3.6 FRANCE INTERNATIONAL 3.2 3.3 -0.5% -0.3% 2.5 -0.9% -1.0% ▪ -5.3% ▪ H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 ▪ Results 14.9 Order b
Slide 18: Family spirit
C GOÉN NSI ET RCUI C V IT LI O N Family spirit 18
Slide 19: Energy Systems - Activity and results
Energy Systems - Activity and results Operating margin increased by 30 bps at 4.6% of revenue Revenue (€bn) and operating margin on ordinary activities (%) 3.3 Revenue increased by 17.6% 2.8 2.5 FRANCE INTERNATIONAL 2.3 1.8 4.3% 4.6% 4.0% 4.0% Results 1.1% ▪ H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 O
Slide 20: Family spirit
Family spirit 20
Slide 21: Concessions - Activity
Concessions - Activity Revenue increased by 5.6% Revenue APRR and AREA (€M) Name Revenue Revenue Traffic (end of concession |% holding) (€M) ∆24/23 ∆24/23 1,433 1,474 1,348 APRR and AREA* (2035/2036 | 52%) 1,474 +2.8% -0.9% 1,113 Aliaé (A79) (2068 | 52%) 23 +13.2% +9.2% 934 Adelac (2060 | 52%) 36 /
Slide 22: APRR - AREA - Aliaé (A79) - Activity and results
APRR - AREA - Aliaé (A79) - Activity and results EBITDA margin decreased of 4.4% to 72.4% of revenue Consolidated revenue* (excl. Ifric 12) increased by 3.0% Revenue (€M) and EBITDA margin Total APRR and AREA traffic decreased by 0.9% 1,454 1,497 1,348 ▪ 1,113 76.5% 76.8% Contractual tariff increase
Slide 23: Concessions - Activity and results
Concessions - Activity and results Name Revenue EBITDA EBITDA Margin (end of concession | % holding) €m €m (%) 2024 portfolio evolutions Aliaé (A79) (2068 | 52%) 23 15 62.3% ▪ ▪ Adelac (2060 | 52%) 36 31 84.3% Aliénor A65 (2067 | 100%) 38 32 84.3% Millau Viaduct (2079 | 100%) 29 26 89.0% Operating p
Slide 24: Family spirit
Family spirit 24
Slide 25: Getlink - Activity and results
Getlink - Activity and results Revenue decreased by 14% compared to 2023 Revenue €M (100%) 940 808 Key figures 330 185 ▪ 571 35 73 83 68 Acquisitions history 370 330 58 66 537 540 ▪ 468 312 264 ▪ H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 ▪ ▪ Eurotunnel Europorte ElecLink ▪ Net profit €M (100%) 173 Res
Slide 26: Consolidated income statement
Consolidated income statement in millions of euros H1 2023 H1 2024 Δ 24/23 Revenue(1) 10,431 11,093 +6.3% Operating profit on ordinary activities 1,009 997 -1.2% Other income (expenses) from operations (28) (18) Operating profit 981 979 Net finance costs (158) (164) Other financial income (expenses)
Slide 27: Financial net debt evolution
Financial net debt* evolution in millions of euros 3 10 1 1 10 2 330 (10) 88 (36) 2 (1 4 ) (66) Dividends of EBITDA Δ WCR Interest & Holding & Concessions Concessions Acquisitions Variations Dividends companies inc. Holding & consolidated using Contracting €M 688 Taxes paid Contracting Debt repaymen
Slide 28: Financial net debt structure
Financial net debt* structure in millions of euros Total (9,332) (10,166) (9,916) (9,988) (10,649) (10,617) FND* 1,018 966 775 Holding & Contracting 587 38 -193 (10,753) (10,763) (10,456) (10,655) (10,350) (10,882) FND* Concessions 31/12/21 31/12/22 31/12/23 30/06/22 30/06/23 30/06/24 *Exc. IFRS 16
Slide 29: Contracting order book
Contracting order book Order book breakdown by division (€bn) Order book breakdown by division (€bn) and variation over 12 months and variation over 12 months 28.4 +43% 28.4 +43% 5.5 +13% 11.4 +7.1bn 19.8 19.8 18.0 17.1 16.6 18.0 4.8 17.1 16.6 4.3 3.8 5.1 14.9 +64% 4.8 4.9 3.8 3.4 9.0 +11% 8.1 9.1 7
Slide 30: Appendices
Appendices 30
Slide 31: Group shareholding structure
Group shareholding structure Shareholding at 30/06/2023 Shareholding at 31/12/2023 Shareholding at 30/06/2024 (98M shares) (98M shares) (98M shares) 20.5% 20.0% 21.9% 1.6% 2.6% 4.1% 77.9% 75.9% 75.5% Employees Treasury shares Floating 31
Slide 32: Revenue (excluding Ifric 12)
Revenue (excluding Ifric 12) Revenue breakdown (€M) Revenue breakdown in Europe excluding France (€M) 7,333 7,430 1,002 757 675 606 527 504 462 383 3,305 2,808 214 165 144 151 116 100 84 58 92 73 290 358 France International exc. Europe Europe exc. France H1 2023 H1 2024 H1 2023 H1 2024 32
Slide 33: Concessions financial net debt breakdown
Concessions financial net debt breakdown Non-recourse debt raised in dedicated SPVs for €10.6 billion* Non-recourse FND breakdown (€M) Non-recourse FND structure (M€) Financière Eiffarie APRR 961 APRR and Financière Eiffarie 6,658 Toulouse Airport Adelac (A41) 52 635 Millau Viaduct Motorways 7,619 5
Slide 34: Liquidity and net financial debt
Liquidity and net financial debt* Holding & Contracting’s liquidity Concessions’s liquidity APRR 1.8 + 2.0 = 3.8 1.2 + 2.0 = 3.2 billion of euros billion of euros billion of euros billion of euros billion of euros billion of euros of cash undrawn revolving of liquidity of cash undrawn of liquidity c
Slide 35: Consolidated balance sheet - Assets
Consolidated balance sheet - Assets in millions of euros 30/06/2023 31/12/2023 30/06/2024 Property, plant and equipment 2,047 2,099 2,144 Usage rights of rented assets 1,108 1,149 1,183 Investment property 78 75 72 Fixed assets held under concessions 11,204 11,738 11,723 Goodwill on acquisition 3,71
Slide 36: Consolidated balance sheet - Equity and liabilities
Consolidated balance sheet - Equity and liabilities in millions of euros 30/06/2023 31/12/2023 30/06/2024 Share capital 392 392 392 Consolidated reserves 5,328 5,029 5,659 Profit & losses directly accounted for in equity 63 21 57 Net profit for the period 392 1,013 382 Total capital and reserves, at
Slide 37: Consolidated income statement
Consolidated income statement in millions of euros H1 2023 2023 H1 2024 Revenue(1) 10,656 22,369 11,411 Other income 7 20 10 Raw materials and consumables used (1,943) (3,959) (1,840) Staff costs (2,348) (4,673) (2,616) Other expenses (4,490) (9,456) (4,997) Taxes other than corporate tax (223) (489
Slide 38: Consolidated cash flow statement
Consolidated cash flow statement in millions of euros H1 2023 2023 H1 2024 in millions of euros H1 2023 2023 H1 2024 Cash and equivalents at 1 January 4,621 4,621 4,835 Purchases of fixed assets (268) (514) (232) Purchase of intangible concession assets (111) (354) (68) Currency effect 3 9 (1) Purch
Slide 39: Financial expenses and results
Financial expenses and results in millions of euros H1 2023 2023 H1 2024 APRR - AREA - A79 (54) (98) (46) Financière Eiffarie (18) (42) (23) Adélac (A41) / / (11) Aliénor (A65) (13) (27) (14) Millau Viaduct (29) (50) (22) Autoroute de l’Avenir motorway (1) (4) (4) Toulouse airport (1) (2) (2) BPL HS
Slide 40: Grand Paris Express contracts won by Eiffage
Grand Paris Express contracts won by Eiffage 40
Slide 41: APRR & Financière Eiffarie - Financial net debt structure
APRR & Financière Eiffarie - Financial net debt structure* in millions of euros 8,157 8,211 7,902 7,715 7,686 7,619 1,061 1,048 1,037 1,056 1,012 961 6,659 7,096 6,674 7,163 6,865 6,658 31/12/2021 31/12/2022 30/12/2023 30/06/2022 30/06/2023 30/06/2024 *Excluding IFRS 16 debt and the swaps 5 9 28 8 1
Slide 42: APRR - Gross debt profile
APRR - Gross debt profile in millions of euros Profile as at 30/06/2024 700 500 500 500 118 700 700 700 500 500 500 500 500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 EMTN Programme 42
Slide 43: APRR - Changes to traffic
APRR - Changes to traffic 130 126.5 125 120 124.3 115 LV 113.7 110 Total 105 100 100 HGV 95 90 85 80 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 20
Slide 44: Motorway Concessions in France - Contractual tariff formulae
Motorway Concessions in France Contractual tariff formulaes for APRR and AREA 2024 2025-2026 Beyond 2026 APRR: 3.02% APRR: 70% xI + 0.315% APRR and AREA: 70% xI AREA: 3.04% AREA: 70% xI + 0.33% *I = Inflation 44
Slide 45: Assets under concession globally consolidated
Assets under concession globally consolidated Project Type Country End of concession Status % Shares APRR & AREA Concession FR 2035/2036 Operational 52.00% Aliaé (A79) Concession FR 2068 Operational 52.00% Adelac (A41) Concession FR 2060 Operational 52,00 % A'liénor (A65) Concession FR 2067 Operatio
Slide 46: Assets under concession equity accounted and financial participations
Assets under concession equity accounted and financial participations Project Type Country End of concession Status % Shares Getlink Concession FR / UK 2086 Operational 20.55% Amiens Aqua center Concession FR 2042 Opérationnel 15,00% Bordeaux Aqua center Concession FR 2041 Operational 3.00% Prado So
Slide 47: Assets under concession globally consolidated and equity accounted
Assets under concession globally consolidated and equity accounted Carrying value of assets held under concession (€M) 31/12/2023 30/06/2024 APRR & AREA 8,494 8,245 Aliaé (A79) 718 715 Adelac (A41) 666 841 Aliénor (A65) 916 931 Millau Viaduct 341 339 Autoroute de l’Avenir motorway 136 161 Prado Caré
Slide 48: Major balances
Major balances Contracting Concessions ▪ Sustain and develop the Harness all the Group’s ▪ Manage, optimise and extend Group’s European roots business lines right across the the maturity of our assets value chain ▪ Complete acquisitions in ▪ Strengthen our portfolio ▪ Greenfield concessions speciali
Slide 49: A Group catering to the major trends in Europe
A Group catering to the major trends in Europe Energy sovereignty Industrial sovereignty All the Group’s business lines harnessed right across the value chain ▪ Decarbonisation of energy ▪ Relocation & extension of generation ▪ Eiffage Énergie Systèmes manufacturing facilities ▪ Optimisation of use
Slide 50: Concessions portfolio strengthening
Concessions portfolio strengthening 2015 2016 2018 2019 2020 2021 2022 2023 2024 Concessions Aliaé (A79) won Nové Toulon Machilly- Reims Lille Arena Airport Baie des (Cegelog) marinas Thonon Anges marina (A412)* Autoroute de Extension l’Avenir Lille APRR SMTPC motorway in Airport Senegal APRR Millau
Slide 51: Revenue of the 1st semester
Revenue of the 1st semester 1st semester Variation in millions of euros 2023 2024 ∆24/23 Actual structure Lfl Construction 2,201 1,929 (12,4)% (12,5)% Infrastructure 3,641 3,976 +9.2% +8.7% Energy Systems 2,833 3,333 +17.6% +7.6% Contracting 8,675 9,238 +6.5% +2.9% Concessions (exc. Ifric 12) 1,756
Slide 52: Revenue of the 2nd quarter
Revenue of the 2nd quarter 2nd quarter Variations in millions of euros 2023 2024 2024 / 2023 Actual structure Lfl Construction 1,110 986 (11,2)% (11.3)% Infrastructure 2,020 2,222 +10.0% +9.5% Energy Systems 1,434 1,721 +20.0% +9.0% Contracting 4,564 4,929 +8.0% +4.3% Concessions (exc. Ifric 12) 921
Slide 53: Reconciliation tables of two alternative performance indicators
Reconciliation tables of two alternative performance indicators Reconciliation between the aggregates Reconciliation between items reported of the cash flow statement and the free cash flow in the balance sheet and net financial debt in millions of euros H1 2023 H1 2024 in millions of euros H1 2023
Slide 54: Glossary
Glossary Item Definition Definition of concessions revenue under Ifric 12: the Construction revenue of Concessions corresponds to costs relating to services to build or improve the Construction revenue of Concessions infrastructure committed by the concession operator determined in accordance with t
Slide 55: Investor relations contact and Agenda
Investor relations contact and Agenda Eiffage APRR Quarterly information and turnover for the 3rd quarter 2024 13.11.2024 17.10.2024 Xavier Ombrédanne Quarterly information and turnover for the 4th quarter 2024 / 28.01.2025 2024 annual results and analysts presentation 26.02.2025 26.02.2025 xavier.o
Slide 56: Disclaimer
Disclaimer This presentation may contain forward-looking statements and information about the financial situation, operating results, activities and development strategy of Eiffage. These statements and this information are based on assumptions that may prove incorrect and that are subject to major